March Retail Sales dropped 8.7% to the lowest read ever on record. Not surprisingly with all the store closings, sales plunged nearly 51% at clothing stores, 20% at department stores and 27% at furniture stores. Restaurants and bars also saw a 27% drop in sales, which will likely fall even more in April as many […]
You may be considering taking advantage of these historic low interest rates by refinancing your mortgage to lower your monthly payment, consolidate debt, save years of payments, or pull cash out for a cushion. The Mortgage Industry is doing an excellent job of processing transactions under shelter in place. But it’s more important than ever […]
As expected, inflation decreased in March due to the lack of pricing pressure. On the wholesale level, the Producer Price Index declined by 0.2% while Core PPI, which excludes volatile food and energy prices, also fell 0.2%. At the consumer level, the Consumer Price Index (CPI) dropped by 0.4%, which was more than the expected […]
The latest Initial Jobless Claims report showed that 6.6 million people filed claims during the week ending April 4. This is just below the 6.8 million recorded for the week ending March 28, which was actually revised higher by just over 200,000 claims. It is possible claims for the week ending April 4 could also […]
The ADP Employment Report showed that there were 27,000 job losses in the month of March. Believe it or not, this was stronger than expectations, which were calling for 125,000 to 170,000 job losses. Unfortunately, this number will only get worse, as the figures were derived on the 12th of March or earlier, so the […]
The numbers are in for Initial Jobless Claims … and, as anticipated, they aren’t pretty. Initial Jobless Claims showed that 6.6 million individuals filed for unemployment benefits for the first-time in the latest week. This was much higher than most estimates and almost double the previous report. And these numbers will continue to climb, as […]
The Bureau of Labor Statistics (BLS) reported that there were 701,000 job losses in the month of March, which was much worse than expectations of approximately 150,000 losses. There are two reports within the Jobs Report, the Business Survey, where the headline job number comes from and the Household Survey, where the Unemployment Rate comes […]
Should you wait for rates to drop before refinancing? That’s a question that we hear quite often. Rates have been trending lower and there’s a lot of speculation that the Fed will cut rates further. It’s important to remember that the Fed does not control mortgage rates, they control the Fed Funds Rate…and the two […]
There’s lots of talk right now about a recession coming in the next couple of years. What would it mean for you and your mortgage and real estate needs? Historically, interest rates have declined pretty dramatically, giving us a great opportunity to refinance. So as a strategy, if we’re taking out a mortgage today, we […]
Covid-19 has caused a virtual economic shutdown to stop its spread and preserve health. We will defeat this virus and our economy will begin to recover as finding opportunity during these challenging times appears on the horizon. The economic slowdown will likely cause home values to take a modest dip over the short term. But […]
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